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Short-term technical analysis on Gold for March 24, 2022.

Gold price is trading above $1,945. Price is bouncing higher in what it seems to be a counter trend corrective bounce with respect to the decline from $2,070 to $1,894.


Blue lines - Fibonacci retracements

Gold price has not reached the 38% Fibonacci retracement yet. This is the first bounce target. This is also important short-term resistance. In order for Gold price to reach the 61.8% level, bulls need to show signs of strength and break above $1,963 and the 38% Fibonacci level. Support is found at recent lows at $1,919. A 4 hour candlestick close below this level, will be a bearish signal and will increase the chances of Gold falling below $1,894.

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